Central FL Shopping Center Trades for $11M

More than 80 percent of the tenants at the 132,301-square-foot mall are national retailers. Marcus & Millichap brokered the deal on behalf of the seller.
Heart of Florida Shopping Mall. Image via Google Street View

The Brookhill Group has sold Heart of Florida Shopping Center, a 132,301-square-foot retail asset in Haines City, Fla. The buyer, a Florida investor in a 1031 tax-deferred exchange, acquired the property for $11 million or $83.7 per square foot. Marcus & Millichap Real Estate Investment Services negotiated the deal on behalf of the seller.

Built in 1984, the shopping center is located at 35874-35938 Highway 27, within a 9-minute drive from the center of the city and across from a Walmart Supercenter. The majority of the tenant roster consists of national retailers including Tractor Supply, Big Lots and Dollar General Market. A population of more than 28,000 with an average household income of $43,621 lives within a 3-mile radius. The average car traffic on Highway 27 adds up to 47,500 vehicles per day.

Tim Giambrone, senior vice president of Marcus & Millichap’s National Retail Group, assisted the seller in the transaction. A Marcus & Millichap team recently facilitated the $4.6 million sale of a 36,025-square-foot retail property near Chicago.